Stock-Based Compensation (Tables)
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9 Months Ended |
Aug. 28, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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Restricted Stock Unit Activity |
Restricted stock unit activity for the nine months ended August 28, 2015 and the fiscal year ended November 28, 2014 was as follows (in thousands): | | | | | | | | 2015 | | 2014 | Beginning outstanding balance | 13,564 |
| | 17,948 |
| Awarded | 3,670 |
| | 4,413 |
| Released | (6,242 | ) | | (7,502 | ) | Forfeited | (704 | ) | | (1,295 | ) | Ending outstanding balance | 10,288 |
| | 13,564 |
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Restricted Stock Units Outstanding |
Information regarding restricted stock units outstanding at August 28, 2015 and August 29, 2014 is summarized below: | | | | | | | | | | | Number of Shares (thousands) | | Weighted Average Remaining Contractual Life (years) | | Aggregate Intrinsic Value(*) (millions) | 2015 | | | | | | Restricted stock units outstanding | 10,288 |
| | 1.10 | | $ | 816.9 |
| Restricted stock units vested and expected to vest | 9,320 |
| | 1.03 | | $ | 730.3 |
| 2014 | |
| | | | |
| Restricted stock units outstanding | 13,845 |
| | 1.12 | | $ | 995.5 |
| Restricted stock units vested and expected to vest | 12,367 |
| | 1.05 | | $ | 882.4 |
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_________________________________________ | | (*) | The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market values as of August 28, 2015 and August 29, 2014 were $79.40 and $71.90, respectively. |
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Performance Share Activity 2013, 2014 & 2015 Programs |
The following table sets forth the summary of performance share activity under our 2015, 2014, and 2013 Performance Share Programs for the nine months ended August 28, 2015 and the fiscal year ended November 28, 2014 (in thousands): | | | | | | | | | | | | | | 2015 | | 2014 | | Shares Granted | | Maximum Shares Eligible to Receive | | Shares Granted | | Maximum Shares Eligible to Receive | Beginning outstanding balance | 1,517 |
| | 3,034 |
| | 854 |
| | 1,707 |
| Awarded | 671 |
| | 1,342 |
| | 709 |
| | 1,417 |
| Forfeited | (101 | ) | | (201 | ) | | (46 | ) | | (90 | ) | Ending outstanding balance | 2,087 |
| | 4,175 |
| | 1,517 |
| | 3,034 |
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Performance Share Activity 2010, 2011 & 2012 Programs |
The following table sets forth the summary of performance share activity under our performance share programs prior to fiscal 2013, based upon share awards actually achieved, for the nine months ended August 28, 2015 and the fiscal year ended November 28, 2014 (in thousands): | | | | | | | | 2015 | | 2014 | Beginning outstanding balance | 354 |
| | 861 |
| Released | (354 | ) | | (486 | ) | Forfeited | — |
| | (21 | ) | Ending outstanding balance | — |
| | 354 |
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Performance Shares Outstanding |
Information regarding performance shares outstanding at August 29, 2014 is summarized below: | | | | | | | | | | | Number of Shares (thousands) | | Weighted Average Remaining Contractual Life (years) | | Aggregate Intrinsic Value(*) (millions) | 2014 | | | | | | Performance shares outstanding | 354 |
| | 0.41 | | $ | 25.4 |
| Performance shares vested and expected to vest | 339 |
| | 0.41 | | $ | 24.2 |
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_________________________________________ | | (*) | The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market value as of August 29, 2014 was $71.90 |
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Stock Options Activity |
ption activity for the nine months ended August 28, 2015 and the fiscal year ended November 28, 2014 was as follows (in thousands): | | | | | | | | 2015 | | 2014 | Beginning outstanding balance | 3,173 |
| | 7,359 |
| Exercised | (1,557 | ) | | (4,055 | ) | Cancelled | (32 | ) | | (153 | ) | Increase due to acquisition | 88 |
| | 22 |
| Ending outstanding balance | 1,672 |
| | 3,173 |
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Stock Options Outstanding |
Information regarding stock options outstanding at August 28, 2015 and August 29, 2014 is summarized below: | | | | | | | | | | | | | | | Number of Shares (thousands) | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Life (years) | | Aggregate Intrinsic Value(*) (millions) | 2015 | | | | | | | | Options outstanding | 1,672 |
| | $ | 28.14 |
| | 2.72 | | $ | 85.7 |
| Options vested and expected to vest | 1,659 |
| | $ | 28.26 |
| | 2.70 | | $ | 84.9 |
| Options exercisable | 1,539 |
| | $ | 29.64 |
| | 2.44 | | $ | 76.6 |
| 2014 | |
| | |
| | | | |
| Options outstanding | 3,640 |
| | $ | 28.98 |
| | 3.33 | | $ | 156.2 |
| Options vested and expected to vest | 3,610 |
| | $ | 29.08 |
| | 3.31 | | $ | 154.5 |
| Options exercisable | 3,056 |
| | $ | 30.26 |
| | 2.99 | | $ | 127.3 |
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_________________________________________ | | (*) | The intrinsic value is calculated as the difference between the market value as of the end of the fiscal period and the exercise price of the shares. As reported by the NASDAQ Global Select Market, the market values as of August 28, 2015 and August 29, 2014 were $79.40 and $71.90, respectively |
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Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions |
The expected life of the ESPP shares is the average of the remaining purchase periods under each offering period. The assumptions used to value employee stock purchase rights during the nine months ended August 28, 2015 and August 29, 2014 were as follows: | | | | | | | | | | Three Months | | Nine Months | | 2015 | | 2014 | | 2015 | | 2014 | Expected life (in years) | 0.5 - 2.0 | | 0.5 - 2.0 | | 0.5 - 2.0 | | 0.5 - 2.0 | Volatility | 26 - 27% | | 26 - 27% | | 26 - 30% | | 26 - 28% | Risk free interest rate | 0.11 - 0.64% | | 0.06 - 0.47% | | 0.11 - 0.67% | | 0.06 - 0.47% |
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Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs |
Total stock-based compensation costs included in our Condensed Consolidated Statements of Income for the three months ended August 28, 2015 and August 29, 2014 were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | 2015 | | 2014 | Income Statement Classifications | | Option Grants and Stock Purchase Rights | | Restricted Stock and Performance Share Awards | | Option Grants and Stock Purchase Rights | | Restricted Stock and Performance Share Awards | Cost of revenue—subscription | $ | 258 |
| | $ | 1,637 |
| | $ | 458 |
| | $ | 1,451 |
| Cost of revenue—services and support | 1,277 |
| | 1,425 |
| | 1,064 |
| | 1,666 |
| Research and development | 3,468 |
| | 26,378 |
| | 4,151 |
| | 26,100 |
| Sales and marketing | 4,540 |
| | 29,146 |
| | 4,492 |
| | 25,447 |
| General and administrative | 1,056 |
| | 16,792 |
| | 1,682 |
| | 16,502 |
| Total | $ | 10,599 |
| | $ | 75,378 |
| | $ | 11,847 |
| | $ | 71,166 |
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Total stock-based compensation costs included in our Condensed Consolidated Statements of Income for the nine months ended August 28, 2015 and August 29, 2014 were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | 2015 | | 2014 | Income Statement Classifications | | Option Grants and Stock Purchase Rights | | Restricted Stock and Performance Share Awards | | Option Grants and Stock Purchase Rights | | Restricted Stock and Performance Share Awards | Cost of revenue—subscription | $ | 1,070 |
| | $ | 4,946 |
| | $ | 1,424 |
| | $ | 4,261 |
| Cost of revenue—services and support | 3,897 |
| | 4,711 |
| | 2,759 |
| | 4,886 |
| Research and development | 11,162 |
| | 78,375 |
| | 12,397 |
| | 78,567 |
| Sales and marketing | 13,768 |
| | 84,686 |
| | 13,571 |
| | 76,541 |
| General and administrative | 3,652 |
| | 50,744 |
| | 4,962 |
| | 49,443 |
| Total | $ | 33,549 |
| | $ | 223,462 |
| | $ | 35,113 |
| | $ | 213,698 |
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